Prescription drug plan premiums: make it automatic
We like when things are automatic. From smart phone reminders to automatic coffee makers—it’s nice when something’s done before we even need to think about doing it. Whether you’ve already picked a new plan for 2017, or decided to keep the plan you had in 2016, something you might not have thought about is paying the monthly premium.
Most Medicare Prescription Drug Plans charge a monthly fee that varies by plan. You pay this in addition to the Medicare Part B premium. It’s important to pay this premium on time to keep your coverage and the peace of mind that comes with it. Did you know that you can have this premium automatically deducted from your monthly Social Security payment?
All you need to do is contact your drug plan (not Social Security). Your first deduction will usually take 3 months to start, and 3 months of premiums will likely be deducted at once. After that, only 1 premium will be deducted each month. You may also see a delay in premiums being withheld if you switch plans. If you want to stop premium deductions and get billed directly, just let your plan know.
Take the worry and guesswork out of when to pay your premium bills, and contact your plan today.